What Is Business Info In SSM Registration?

Anyone can open a business or sole proprietorship in Malaysia. However, to make things official, you need to formally register your business or company with SSM Registration Malaysia. The ultimate function of SSM is to facilitate the registration, recognition, and approval of small businesses and firms. The registration process is fast, easy and efficient. Here are some of the benefits of registering your business with SSM:

It speeds up the processing of applications and processing of documentation. – It also simplifies the documentation and registration procedures. – You can save time. Many business owners in Malaysia register their firms with SSM as this scheme facilitates easy documentation of your business activities. This can be easily verified by your legal counsel.

Complete Information

It provides complete information on the main information of your company. For instance, it gives the name of your business, your statutory status (if any), your business address, your telephone number, and the registration number of your business. In addition, the details of your capital are also included in the document. However, business registration with SSM does not include all the information of your company as it just aims at clearing the business name and other general information of your company.

Certificate Of Registration

It also provides a certificate of Registration by the statutory body. This certification is generally taken for three years from the date of issue. If you have any difficulties, you can get assistance from the SSS. The certificate of Registration of Business Information is also valid for three years from the date of issue, if it is renewed.

It allows you to create a share account in Malaysia. You have to purchase shares through this account. The company details of the holder of each share account are included in the certificate of Registration of Business Information. If these are not clear, then it is better to contact the SSS or your legal counsel. As a general rule, the owner must register his business with the statutory body before he starts trading.

Start Trading

It is the first step towards starting trading. You have to pay a nominal fee to the company secretary of the concerned company to open an account in Malaysia. The company secretary of the company must register a company in Malaysia before he starts trading. The company secretary of the company also acts as the company director if any of the partners of the company is a UK citizen or a permanent resident of UK.

Fees Of Trade

The fees involved in starting a trade in Malaysia may vary depending on the products and services you want to sell. As a general rule, the fees are lower compared to the fees in Singapore. However, there are many exceptions to the general rule. The company secretary of the concerned company has to register a company in Malaysia according to the law of the state. The requirements and procedure for registration of a business in Malaysia differ from state to state. The SSS cannot conduct business in a particular state without obtaining the permission of the state government.

These are the two types of companies in Malaysia. There are other two types of businesses too that are not mentioned here. These include limited liability partnerships, partnership, business assets etc. You should choose the best company name for your company only after getting all the required information from a business adviser. The SSS will give you the help you need to get the registration done.

You should register your company in Malaysia by opening a bank account for it. This is one of the requirements that the SSS will look into before it lets you register your company. It will also require you to submit copies of Memorandum and Articles of Association of your company. If you have any foreign partners in your company then you should inform them about their respective accounts in the bank.

The next step is to get the necessary documents to register your company. These include the application form, signed contract, fee agreement, register deed, indemnity bond, indemnity statement, and the director’s certificate. If you are a Malaysian citizen then all these documents should be mailed to the principal office of SSS. A registration officer will receive your application package within three weeks. He will visit your premises personally and inquire about all the documents once he gets here. The registration officer is known as the supervisory officer and his duty is to verify all the details provided by you.

Conclusion;

Within 30 days of receiving the application if your company satisfies the requirements then you will receive a registration certificate with a registration number and will be legally registered as the company secretary. If there are any problems then you will need the assistance of a lawyer who will help you get the necessary documents to register the company. There is a special clause in Malaysia whereby only one proof of identification is needed. Your attorney will help you fill in the necessary documents to this end.